{"id":4439,"date":"2008-09-04T13:13:28","date_gmt":"2008-09-04T18:13:28","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/09\/04\/calculators-to-help-you-with-a-mortgage\/"},"modified":"2008-09-04T13:13:28","modified_gmt":"2008-09-04T18:13:28","slug":"calculators-to-help-you-with-a-mortgage","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=4439","title":{"rendered":"Calculators to Help You with a Mortgage"},"content":{"rendered":"
by Direct Mortgage<\/div>\n

There are free calculators on the Internet that can help you decide whether to buy a home or keep renting, which loan is best, and how much you could save by making extra mortgage payments. This article describes some of the mortgage calculators available.<\/p>\n

What Can You Afford <\/p>\n

Before you go house searching you may want to know how expensive of a home you can afford. An affordability calculator will take a look at your income, all your debts (auto loans, credit<\/a> card debt, etc), taxes and insurance for the new property, and information about the loan itself to determine the maximum loan amount you might be able to obtain.<\/p>\n

Monthly Payment <\/p>\n

When determining whether or not you can afford a loan you should look at both the total amount you’ll pay over the life of a loan AND what you’ll pay each month. This monthly payment includes not only principal and interest but also taxes and insurance. A payment calculator takes all four factors into account to give you a true monthly payment.<\/p>\n

Rent or Buy? <\/p>\n

A ‘rent or buy’ calculator helps you see how much more money you might gain or lose by buying a home as opposed to renting. A key element to consider in this calculation is the time period looked at. For instance, if you were to rent a home for five years, you’d save $80,000 in monthly payments compared to if you were to buy a home. However, if you were to buy a home, when you sold it, you’d make that money back plus an extra $5,000. This calculator can help you see all this so that you can make the best decision about whether to rent or buy.<\/p>\n

Refinancing <\/p>\n

If you currently own your own home, you may wonder whether or not it would be beneficial to refinance. There is a calculator for this too. One of the factors to include when considering whether to refinance or buy is how soon you’ll sell your home. For example, if you plan to sell your home in five years, you might end up saving $1,500. However, if you were to sell it in ten years, your savings could be $4,000, while if it sold in 25 years, you would lose $7,500.<\/p>\n

Which Loan Should I Choose? <\/p>\n

Mortgage lenders offer a variety of loan products that you can choose from, but how do you know which one is best? A loan comparison calculator allows you to enter in key values such as the interest rates, points, and closing costs. The calculator will then show multiple elements of comparison. Key among these are the monthly payments and the total savings over the life of the loan. Such a calculator can help you know which loan to choose. Be careful though, because different loans can have different amounts of mortgage insurance associated with them, and the calculator might not take that into account.<\/p>\n

Bi-Weekly Payments <\/p>\n

Will making a mortgage payment every two weeks save you more money than paying once a month? A calculator can tell you this. You’ll be able to see how much interest you’ll save and how much sooner you’ll pay off the loan. A good calculator will take into account the fact that you’ll lose some tax savings by paying off the mortgage sooner, and will give you a “net savings”.<\/p>\n

Using some or all of these mortgage calculators can help you make a better decision regarding buying or refinancing a home.<\/p>\n

\n
About the Author:<\/div>\n
If you’re looking for a Utah mortgage<\/a> or a Salt Lake City mortgage<\/a>, go to www.directhouse.com.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

There are free calculators on the Internet that can help you decide whether to buy a home or keep renting, which loan is best, and how much you could save by making extra mortgage payments. This article describes some of the mortgage calculators available.<\/p>\n","protected":false},"author":1207,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[109],"class_list":["post-4439","post","type-post","status-publish","format-standard","hentry","category-software","tag-software"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1207"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4439"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4439\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}